Futura Medical cannot explain share price increase after board shuffle
Futura Medical PLC on Friday said it knows of no reason for the recent sharp rise in its share price.
Shares in Futura were up 17% at 13.34 pence in London on Friday morning. Over the last five days, the stock has risen 67%.
The Guildford, Surrey-based sexual health products firm said it is not aware of a reason for the increase, barring recent board changes.
On Tuesday, the company said Chair Jeff Needham and Chief Executive Officer James Barder have agreed to leave immediately, as its largest shareholder wants ‘fresh leadership’.
The company’s largest shareholder, according to its 2024 annual report, is Lombard Odier Asset Management (Europe) Ltd at 28%.
Futura named Alex Duggan as interim CEO, having most recently been chief commercial & corporate development officer of Alliance Pharmaceuticals, a former AIM listing in London.
Duggan is expected to join Futura in early August and will get a handover from Finance Director & Chief Operating Officer Angela Hildreth.
Futura did not say say how the chair will be replaced.
On Tuesday, Senior Independent Non-Executive Director Andrew Unitt commented: ‘I would...like to thank both Jeff and James for their significant efforts in enabling Eroxon to now be available over the counter in 25 countries across the world. The board recognises this is a significant achievement.’
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